I met with Tobila Systems CEO last week to discuss: Capital allocation, future growth and several recent developments. Here are the key takeaways

Valuation Multiples are banded about like it's simple and obvious, But I think it's worth proper consideration How I apply this thinking to my strategy and where I find the most obvious alpha

Conversations with exceptional investors - my takeaways: Growth - Should be more willing to pay for growth, Cyclicals - too quick to put cyclicals outside my circle of competence, A few market heuristics, Position Sizing - it can affect behaviour

Following a strong Q3 for Tobila Systems, I have provided my update